Eagle Ridge Investment Management Buys Shares of 5,071 Nextracker Inc. (NASDAQ:NXT)

Eagle Ridge Investment Management purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 5,071 shares of the company’s stock, valued at approximately $285,000.

Several other large investors also recently added to or reduced their stakes in NXT. Vanguard Group Inc. lifted its position in shares of Nextracker by 4.8% during the fourth quarter. Vanguard Group Inc. now owns 4,710,158 shares of the company’s stock worth $220,671,000 after acquiring an additional 216,674 shares in the last quarter. Norges Bank purchased a new stake in Nextracker during the 4th quarter worth about $120,861,000. Handelsbanken Fonder AB boosted its stake in Nextracker by 30.1% in the 4th quarter. Handelsbanken Fonder AB now owns 1,927,825 shares of the company’s stock worth $90,319,000 after purchasing an additional 446,034 shares during the period. Victory Capital Management Inc. grew its holdings in Nextracker by 31.4% during the 4th quarter. Victory Capital Management Inc. now owns 1,689,656 shares of the company’s stock valued at $79,160,000 after buying an additional 404,146 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of Nextracker by 2,652.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 994,981 shares of the company’s stock valued at $39,958,000 after buying an additional 958,838 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Insider Activity

In other news, insider Leah Schlesinger sold 2,149 shares of the firm’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following the sale, the insider now owns 11,910 shares of the company’s stock, valued at approximately $618,248.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Leah Schlesinger sold 2,149 shares of the firm’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the transaction, the insider now directly owns 11,910 shares in the company, valued at approximately $618,248.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Bruce Ledesma sold 12,135 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $43.91, for a total value of $532,847.85. Following the sale, the insider now owns 17,387 shares of the company’s stock, valued at approximately $763,463.17. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company’s stock.

Nextracker Stock Down 1.7 %

Shares of Nextracker stock traded down $0.80 during midday trading on Tuesday, hitting $45.32. The company had a trading volume of 3,851,447 shares, compared to its average volume of 4,258,063. Nextracker Inc. has a 52-week low of $32.14 and a 52-week high of $62.31. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.76 and a current ratio of 1.98. The stock has a market capitalization of $6.58 billion, a P/E ratio of 13.45 and a beta of 2.52. The company has a 50 day moving average of $50.37 and a 200 day moving average of $51.20.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.47 by $0.38. The company had revenue of $736.52 million for the quarter, compared to the consensus estimate of $681.03 million. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. On average, equities analysts predict that Nextracker Inc. will post 2.23 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on NXT shares. Northland Securities cut Nextracker from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $60.00 to $44.00 in a research report on Friday, April 26th. Piper Sandler lowered their target price on shares of Nextracker from $66.00 to $64.00 and set an “overweight” rating on the stock in a research note on Thursday, April 11th. Robert W. Baird started coverage on shares of Nextracker in a research report on Thursday, March 21st. They set an “outperform” rating and a $71.00 target price for the company. Roth Mkm reissued a “buy” rating and issued a $70.00 price target on shares of Nextracker in a report on Wednesday, May 15th. Finally, Fox Advisors upgraded shares of Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 price objective on the stock in a research report on Wednesday, May 15th. Four analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, Nextracker currently has an average rating of “Moderate Buy” and an average target price of $58.54.

About Nextracker

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.